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#82-031 04-06-82 Approve Valley Square Development Busch Greenhouse Development276 Resolution 82-31 April 6, 1982 Member Anderson introduced and read the following resolution and moved its adoption: RESOLUTION APPROVING AMENDMENT TO VALLEY SQUARE REDEVELOPMENT PLAN PROVIDING FOR BUSCH GREENHOUSE REDEVELOPMENT WHEREAS, the City Council of the City of Golden Valley previously approved the Valley Square Redevelopment Plan which contemplates the redevelopment of a large area within the center of the City of Golden Valley and includes the property contemplated by the redevelopment of the Busch Greenhouse area; WHEREAS, the amendment to the Valley Square Redevelopment Plan, attached hereto as Exhibit A, has been reviewed and commented on by the Planning Commission of Golden Valley, Minnesota, being a duly designated and acting official advisory body to the City Council, a copy of their minutes of their meeting of February 22, 1982, is attached hereto as Exhibit B; and WHEREAS, the amendement was approved by the Housing and Redevelopment Authority of Golden Valley, Minnesota on February 9, 1982; NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Golden Valley hereby makes the following findings and determinations: 1. That the buildings and homes contained on the Busch Greenhouse property are blighted or have a blighting influence in that the greenhouse is obsolete and the homes are cut off and isolated by the existence of the greenhouse; in addition, the single-family homes located on the property will not be attractive to other dwellers once the greenhouse is redeveloped as presently zoned; finally, the subject property is blighted in that it is presently underdeveloped; 2. That the subject amendment to the Valley Square Redevelopment Plan for redevelopment of the Busch Greenhouse conforms to the aims and goals of the Valley Square Redevelopment Plan and is necessary to carry out a part of the redevelopment contempated by the Valley Square Redevelopment Plan; 3. That the land in the project area would not be made available for redevelopment without the governmental assistance and financial aid proposed by the amendment to the Valley Square Redevelopment Plan; 4. That this amendment to the Valley Square Redevelopment Plan and the Valley Square Redevelopment Plan itself affords the maximum opportunity, consistent with the sound needs of the locality as a whole, for the redevelopment of the area contained within all of the Valley Square Redevelopment Plan by private enterprise; 5. That there is a feasible method for the relocation of families who will be displaced from the particular Busch Greenhouse project area and that there are available or will be provided decent, safe and sanitary dwelling units at least equal in number to the number of displacies; 6. That the objectives and purposes of the Valley Square Redevelopment Plan and this amendment to the Valley Square Redevelopment Plan conform to and are consistent with the general land use proposals and planning objectives established by the City of Golden Valley in its Comprehensive Plan; 1 1 1 Resolution 82-31 - Continued April 6, 1982 277 NOW, THEREFORE, BE IT FURTHER RESOLVED by the City Council of the City of Golden Valley that the attached amendment to the Valley Square Redevelopment Plan is approved hereby in all respects. ATTEST: 41 N kal le6ty--C-1--erk The motion for the adoption of the foregoing resolution was seconded by Member Mitchell and upon a vote being taken thereon, the following voted in favor thereof: Anderson, Johnson, Mitchell, Stockman and Thorsen, and the following voted against the same: none, whereupon said resolution was declared duly passed and adopted, signed by the Mayor and her signature attested by the Deputy City Clerk. 278 Resolution 82-31 - Continued Exhibit A - Page 1 PHASE V: Reiss Greenhouse Property and Vicinity April 6, 1982 RETAIN If a Central Business District is to continue to be viable, it must have a stable, if not a growing, population to serve. The population which the Valley Square area serves is not growing. In fact, it is declining. This corresponds with the general decline in population which is occurring in Golden Valley due to the reduction in the size of the average household. Additionally, the population which is served by the Valley Square Area is being subjected to additional retail and service competition from developments in both New Hope and Plymouth. A high density residential development within the Valley Square Area itself offers the best opportunity to reverse that trend; better even than any other type of development, including office. With the amenities of two golf courses and a creek, plus the close proximity to shopping and services, it is felt that this area could support a high density luxury residential development. The parcel that is most appropriate for that development is the Reiss Greenhouse property. That parcel, with its view of the Golf Course, and its proximity to the creek, would be an ideal location for such a development. Further, that location, being surrounded by retail and industrial land uses, would not impact unfavorably if needed height variances were granted. With the completion of Wisconsin Avenue North this property will no longer be land locked. It will also be one of the last large remaining undeve- loped tracts of land still available within the City. Although the City will have no direct involvement in the development of the property, it will control through zoning ordinances what types of land -uses do occur so that they are inter -related to the rest of Valley Square Concept and Plan. Other anticipated development in this area (Boone Avenue to the west, Chicago Northwestern tracks to the north, Wisconsin Avenue North to the east, and Golden Valley Road and 7th Avenue Service Road to the south), will be the relocation of the Post Office to the property at the corner of the east side of Boone Avenue and the north side of 7th Avenue Service Road (Plat 85080, Parcel 5700). The land to the north has been developed as industrial property. DELETE Again the City's role in development andredevelopment of this area will be minimal. The City will be responsible fo r the construction o Wisconsin Avenue North and the Aesthetics Program. ADD An opportunity to fu is afforded by planned locati Greenhouse property, a 10.04 Avenue North and the Minnesot the Redevelopment Area. rther expand the tax base on of an office/warehouse acre site located east of a Western Railway Line in in the Valley Square Area development on the Busch Boone Avenue between 10th the northwest corner of Existing development on the Busch Greenhouse site consists of greenhouses and three single family dwellings. The property is zoned for industrial use and is underdeveloped in its current status. Factors resulting in the necessity for City intervention in redevelopment of the underutilized Busch Greenhouse property include need to remove the obsolete greenhouse buildings and nonconforming single family homes, need for correction of storm water drainage patterns on the site in order to facilitate new development on that site and surrounding sites in the Redevelopment Area, and desire for quality development consistent with Valley Square Redevelopment standards. 1 1 1 Resolution 82-31 - Continued Exhibit A - Page 2 April 6, 1982 279 The City intends to provide two forms of financial assistance designed to promote redevelopment of the Busch Greenhouse property as an office/warehouse development: 1) Provision of a land cost write down financed by the tax increment on the new development and 2) Approval of tax exempt mortgage financing for the development. The following process outlines the steps necessary to accomplish redevelopment of the Busch Greenhouse property: 1. City approval of tax increment financing for funding of HRA property acquisition. 2. HRA acquisition of the Busch Greenhouse property. 3. City vacation of Busch Street. 4. HRA transfer of the property to a developer at a cost write down for development of an office/warehouse complex. 5. City approval of tax exempt mortgage financing for the office/warehouse construction. 1 1 2 8 n Resolution 82-31 - Continued Exhibit B - Page 1 Planning Commission Minutes of February 22, 1982 April 6, 1982 III. Referral from HRA to Planning Commission to Review Amendment Valley Square Redevelopment Plan and Submit Written Opinion to HRA: Chairman Thompson introduced this agenda item. -2- It was moved by Commissioner Singer and seconded by Commissioner Leppik to recommend that the City Council approve the proposed modification to the Valley Square Redevelopment Plan for the following reasons: 1. The proposed land use for the Busch Greenhouse property in the Valley Square Redevelopment Plan modification is compatible with surrounding land uses and is in conformance with the proposed City of Golden Valley Comprehensive Land Use Plan. 2. The land use proposed for the Busch Greenhouse property in the Valley Square Redevelopment Plan modification enhances the value of the land to the City and to the Valley Square Redevelopment Project. Director of Planning and Redevelopment Mike Miller answered questions from Planning Commissioners concerning the amount of City assitance requested by the potential developer of the Busch property, City evaluation of the proposed property purchase price and the amount of land cost write down requested, and the developer's request for tax exempt financing in addition to land cost write down financed by tax increment financing. Commissioner Eastes expressed concern over the setting of precedent for the use of both tax increment and tax exempt financing for projects in the Valley Square Redevelopment Area. The motion was passed unanimously. 1 1